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Rio to sell aluminum JV stake to Zhongjin

(Agencies)
Updated: 2009-04-21 13:25

Rio Tinto plans to sell its 27 percent stake in a Chinese aluminum processing joint venture to its partner Shenzhen Zhongjin Lingnan Nonfemet, China's third-largest zinc producer said on Tuesday.

Related readings:  Rio Tinto aluminum output falls 6% in Q1  Australia mines minister backs strong China links  Rio Tinto planning iron ore price cuts  Chinalco's roadblocks decreasing

Rio, which is trying to sell assets to pay off debt, acquired the stake in the joint venture, Nonfemet International (China-Canada-Japan) Aluminum Co Ltd, when it bought Canada-based aluminum group Alcan in 2007.

The transaction was "required by Alcan's global industry adjustment," Zhongjin said in a statement in the official China Securities Journal, adding that the value of the deal was $3 million.

Late last year, the Anglo-Australian miner had agreed to sell its half in a Chinese aluminum smelting joint venture to its partner Qingtongxia Aluminum.

Shenzhen Zhongjin Lingnan Nonfemet paid $29.8 million for 50.1 percent in Perilya Mining in Australia.